World Economic Forum, Davos: Ulmart Chairman Says, “What Sanctions? Business is Still Business!”

/ PR Newswire / — As a member of the Global Growth Companies —the 300 most dynamic companies in the world as chosen by the WEF — Ulmart represented Russian private enterprises with the attendance of its majority shareholders, August Meyer and Dmitry Kostygin. Mr. Kostygin is also active in the company’s daily operations and currently serves as the Chairman of the Board.Read More

While there was an obvious de-emphasis of Russia as one of the leading emerging markets due to geopolitical tensions, Mr. Kostygin rightly explained that in Russia there are hundreds of companies doing amazing things and so really, politics aside, what is all the fuss?

Russian business, while obviously feeling some pain from the current situation, has demonstrated over the past 20 years a unique ability to survive crises; and even to come out stronger, he explained.

As discussed in some sessions about private enterprise in Russia, and also mentioned repeatedly by Mr. Kostygin in his interviews at such sessions, the current situation in Russia may very well weed out business models that were weak and so therefore less competitive; and, as a result, create “alloys of stronger, more competitive companies, both domestically and internationally. In the long-term, this period could actually end up making Russia’s private sector stronger thanks to the current 'sanctions against certain individuals'.”

In the following attached clips, Dmitry Kostygin further elaborates on this idea and also explains what Ulmart has hoped to gain from its participation at Davos.